Refinancing and Home Equity.
A home buyer told me recently that another lender refused to give her a rate quote unless she submitted a full application and allowed them to pull her credit. This is wrong — and it’s important that buyers know it.
A lender does not need a complete application or a credit pull — not even a soft pull — to provide you with a detailed mortgage rate quote. If a lender requires this before showing you numbers, they are either operating under a restrictive company policy or trying to capture your information before you’ve decided to work with them. Neither is in your interest as a buyer.
Here’s exactly what a lender actually needs to give you an accurate, itemized rate quote — and what you should expect to receive.
While it’s ideal for a lender to have this information so they can provide a more accurate scenario, it should not be required. If a person is in the early stages of shopping interest rates and lenders, they should be able to obtain a quote that shows current interest rate with the APR, itemized closing costs, estimated monthly payment and the estimated funds needed for closing (down payment and closing costs). [Read more…]
Mortgage interest rates have been VERY volatile with all the movement in the stock market. Typically, when the stock market is plummeting, we see mortgage rates improve. This is because mortgage rates are based on bonds and investors will seek the safety of bonds. In the markets we recently have been experiencing, the lower mortgage rates may be available for moments before moving higher.
Recently I was invited to contribute to an article for 
Choosing a mortgage lender is one of the most important decisions you’ll make in the home buying process — yet most people spend more time researching a refrigerator than they do selecting who will handle the largest financial transaction of their lives. Here’s how to shop lenders the right way, including questions that will quickly reveal whether you’re talking to a true mortgage professional. 
I decided to take 
